In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we maintain our focus on Indices, Oil and Dollar again.
In yesterday’s video. we captured some major market moves in the S&P 500 and, today, we are looking to do something similar. Of course, everyone knows that the markets are in a tailspin right now due to the coronavirus impact. Donald Trump only last night ordered a travel ban from Europe to the US. In addition, many major central banks have attempted to put a floor under these markets but it has had very little impact till now.
While the fundamentals and sentiment behind these markets remain so negative we are looking for the S&P 500 to continue lower below yesterday’s low of 2442. With the Oil markets, we would expect further downside moves below 29.96. Finally, with the US Dollar, we like the GBPUSD lower below 1.2489 and the AUDUSD lower below 0.6209. Be aware of the extreme volatility experienced right now so it might be prudent to reduce trade size and widen your stop loss to account for the increased volatility.
Indices, Oil and Dollar Again – Full Video Analysis
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